Pawtucket Red Sox create real estate group

PAWTUCKET, R.I. — The Pawtucket Red Sox have launched a real estate development arm as they work on plans for a new stadium in the city, the team announced Wednesday.

The new affiliate, called Prospect Development Group, will invest in development projects in and around a new ballpark the team is looking to build on one of two sites in Pawtucket. PawSox management is currently negotiating with city and state leaders on a "public private partnership" to finance and construct the new stadium.

"The recently-completed McCoy [Stadium] study placed a key emphasis on surrounding development, making it clear that any new public-private partnership among the PawSox, the City of Pawtucket, and the State of Rhode Island works best if it benefits the area and its developmental potential," said PawSox executive vice president and general manager Dan Rea, who will serve as executive director of Prospect Development Group, in a news release.

Prospect Development Group will work with East Providence-based real estate development firm Peregrine Group, which has been trying to develop a property on Division Street not far from one of the potential stadium sites.